You've got a few great options for opening a euro bank account in the UK.
A few years ago you'd be stuck with a traditional bank. Now, a handful of digital banks make it easy to send, receive & save euros.
In our most recent reviews & testing, Starling and Wise performed very well for multi-currency support.
These accounts will help you avoid costly currency conversion fees. You'll also get to manage your money from a slick mobile app.
Perfect for frequent travellers, international businesses, expats & more. Really, anyone who wants fast & easy access to a euro account.
Best Euro Account UK – Our Top Picks
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.5 | Visitstarlingbank.com | ||
 | 9.2 | Visitwise.com | ||
 | 8.5 | Visitrevolut.com | ||
 | 7.5 | Visitsantander.co.uk | ||
 | 7.4 | Visitmonese.com |
Best Euro Accounts for UK Customers Reviewed
Let us tell you more about each of the banks on our list and why we believe they deserve a place on this list.
Starling Multi-Currency Account – Best overall
One of Britain’s first digital banks with a zero-branch footprint, Starling is not new to innovation. With funds protected under the Financial Services Compensation Scheme and an impeccable banking app, it offers the best of both worlds to its customers.
This ethos extends to its EUR accounts. It is one of the few that has separated its EUR account offering as a unique product instead of including it in a multi-currency account offering, like most competitors.
The ability to make up to six withdrawals per day is liberating for customers. As is the ability to convert currencies 24/7, instead of the short working hours window between Monday and Friday that most banks adhere to. After all, many personal transactions only happen after hours or on weekends.
You can hold, send, and receive euros for free with a Starling euro account. Currency conversion attracts a fee of 0.4%. Though it currently does not pay interest on balances, Starling has abolished the 0.5% fee charged on balances, a type of negative interest.
- No account fees
- 24/7 conversion
- Single debit card for GBP and EUR
- No interest paid on balances
The Wise account permits the holding of accounts in multiple currencies under one umbrella account, allowing transfers between them whenever required. You can also operate like a local anywhere in the Eurozone with your European IBAN, with no restriction on sending and receiving euros.
What truly sets Wise apart is its practice of strictly using mid-market rates, which frees the customers from worries to a great extent since their money is protected from currency risk.
ATM withdrawals are limited, and debit card costs £7, making it costlier compared to many of its peers.
Anyone can open a Wise account, even people who may not have a permanent address in the UK. These applicants can sign up with an email address, or Google, Facebook, or Apple account and then verify their ID with a passport or government ID card, combined with a selfie.
- Offers great exchange rates with the ability to hold a local account in different countries
- Easy and straightforward signing up process
- Choice of VISA or Mastercard debit card
- Balances not covered by FSCS insurance
- Fees can be hefty, its tariff sheet is long and covers many types of transactions
Revolut has created an ecosystem that meets the financial needs of most individuals. Users can plan for their future savings and investments, donate and gift money, and do their spending, borrowing and money management through the app. Plus, it works greatly as a budgeting app. Its travel-related offerings include insurance and hotels.
It has a well-defined structure of tiered account plans for customers to choose from. Benefits, such as free ATM withdrawals and interest rates on balances increase with the tiers – rates start at 1.19% for Euro balances, which is very competitive.
There is no fee for transferring money to other Revolut users or even non-Revolut accounts in the SEPA region.
- Effective budgeting tools
- Investment options available
- Does not have a banking licence in the UK
- Limited ATM withdrawals
The Island Gold Account is offered by Santander International as part of its Offshore Banking services based in Jersey and the Isle of Man. They serve customers who require banking services in a tax-neutral and stable jurisdiction, with no foreign exchange or capital controls.
Though the bank has physical centres in these locations, it offers only virtual transaction capability for this account through online, mobile, and telephone banking channels.
The Private Banking unit of Santander Bank also offers accounts in multiple currencies, including EUR. However, access to private banking is restricted to people with fairly high savings and earnings. Hence, not everyone can access these accounts.
- The stability and assurance of an established global banking group.
- Commission-free rates whenever you need to change currency between your accounts
- Depositor protection is lower than that provided by banks operating in the UK.
- Outward SWIFT and CHAPS payments cost equivalent of £20 to 30
- International customers will need to deposit a minimum of £75,000 (or currency equivalent), which can be held across their account range.
Monese offers an excellent product for those with poor credit scores, or who don’t have the right set of utility bills. With no proof of address requirement, for many people, this is the quickest option for a bank account. With remote and virtual work on the rise, this account is made for the times. All you need is an email address, phone number, and an ID document. Once set up, you’ll just need to record a quick video selfie within the app.
Monese promotes open banking, which lets you consolidate several banking accounts under the Monese app to make better financial decisions with a holistic view. It is one of the few companies that profess to offer loans in the currency of your account, though the final decisions may be subject to a credit evaluation. It makes pots available for stashing money away for specific purposes while being a part of your account balance.
You can choose between three different plans – Simple, Classic, and Premium accounts. The premium account is the most comprehensive plan, which comes with the lowest fees, highest allowances, and VIP customer support. Although limited in comparison, the Simple account also has its perks – there's no account opening or monthly fee.
- Easy and undemanding account opening
- Ability to link other UK bank accounts to your Monese account
- Prepaid debit card needs to be topped up periodically
- Paid plans are fairly expensive
How We Rate & Review the Best Euro Accounts Offered by UK Banks
Banking and financial services are undergoing a revolution. Digital-only and digital-first banks, along with financial technology companies, are changing the landscape and providing customers with more choices. To ensure adequate representation, we picked euro accounts in the UK offered by players in all major categories.
Thereafter, we evaluated them based on the following criteria:
Ease of account opening and account opening and maintenance fee – Is the account widely accessible or are the entry conditions stringent?
Safety of money and regulatory coverage – Since you will keep at least some money in these accounts, how are the funds protected? Is the institution regulated?
Earning opportunity in the account – Do the balances earn interest?
Flexibility in ATM withdrawals – How much can you withdraw for free? How much is charged after?
Fees and charges – Is there a monthly fee? Do the features justify the maintenance costs?
Can I Set Up a Euro Bank Account in the UK?
Yes, it is possible to open a EUR account in the UK, with options available from high street banks, digital banks, and specialist online providers. However, it's important to note that the account types, including their features, fees, and eligibility criteria, can vary significantly. Therefore, conducting thorough research is essential to find the right EUR account that suits your needs.
Although the UK is no longer a part of the European Union, it maintains political and business relationships with most EU member states. This connection leads to frequent people-to-people interactions and a significant need for transactions involving the euro. As a result, residents in the UK often require the ability to transact in euros – and a range of euro account options are offered by UK banking institutions.
Some accounts are dedicated solely to holding and transacting in EUR, while others are multi-currency accounts that offer numerous currency options, including euros. Opting for a multi-currency account can be advantageous if you frequently travel or require the ability to hold, send, or spend money in various currencies. This flexibility can save you both time and money.
What can you do with a euro account in the UK?
Though the finer details are dependent on the provider, holders of euro accounts in the UK can do almost everything that euro account holders in other European countries can do.
This includes:
✔️ Holding euro in their accounts,
✔️ Earning interest on balances as per the policies of the provider,
✔️ Having IBAN credentials (as a euro account),
✔️ Receiving money into and sending money from the account using the Single Euro Payments Area (SEPA) network, which makes international money transfers within the Eurozone similar to domestic transfers in terms of cost and speed,
✔️ Withdrawing euros up to pre-defined limits,
✔️ Receiving and sending money through the SWIFT network.
Money received in a currency other than euros will be converted either by an intermediary bank or the account holder’s bank into euros before being deposited.
For outward remittances, which include the conversion of the euro to the target currency, the reverse will apply.
However, there will be limitations on certain types of transactions in these accounts:
❌ Many providers don’t permit cash and cheque transactions in euros. This is because there is no market or clearing house facility in the UK that operates in euro.
❌ The provision of loans and overdrafts in euros may not be possible. It would, however, be possible to take a loan in the local currency and convert it and transfer it to your euro account.
What are the advantages of having a euro account in the UK?
Holding a euro account in the UK makes it convenient to transact with others whose primary currency is the euro. It helps avoid the challenge of converting small amounts of Pounds into euros when you need to send money, and the other way around when you receive it.
You should also be able to transfer money between your pound and euro accounts free-of-charge, except for the applicable exchange rate between the two currencies. It’s worth noting that your pound and euro accounts are two distinct accounts, with transfers between them only possible at the applicable conversion rates.
Why use a euro account instead of exchanging when needed?
This way, you can exercise greater control over conversion rates and choose conversion at a time and rate of your preference, instead of being forced into bank-driven conversion rates each time you need to make a transfer.
If you have both inflows and outflows in euros, you create a "natural hedge," reducing your exposure to currency risk. This means you don't have to constantly move funds out of pounds if you know you have upcoming euro payments to make.
By opening a euro bank account, you can minimise the number of currency transactions you need to conduct, thereby avoiding expensive currency conversion fees every time you transfer pounds into euros. Holding a balance in euros provides the flexibility to choose when to exchange currencies, allowing you to wait for favourable exchange rates and potentially achieve a better rate than if you were to convert currencies on the spot.
Let’s say you are a UK-based freelancer who frequently receives payments in British pounds but needs to make regular payments in euros for your business expenses. Without a euro bank account, you would typically convert GBP to EUR each time you need to make a payment, incurring currency conversion fees and potentially unfavourable exchange rates.
However, by opening a euro bank account and accumulating a balance in euros, you can take advantage of better exchange rates and save money on currency conversion fees. Let's consider the following example:
Conversion Fees: Assume that each time you convert GBP to EUR, it incurs a 2% currency conversion fee. If you make monthly euro payments of £1,000, you would need to convert GBP to EUR 12 times a year, resulting in conversion fees of £240 (12 x £1,000 x 2%).
By using a euro bank account, you can minimise these fees. Instead of converting GBP to EUR every month, you can wait for favourable exchange rates and convert a larger amount at once. Let's say you convert £12,000 to EUR in a single transaction when the exchange rate is more favourable, and the currency conversion fee drops to 1%. This would result in conversion fees of £120 (1% of £12,000), saving you £120 compared to monthly conversions.
Exchange Rate Advantage: Assuming that you exchange £12,000 to euros in your euro bank account at a time when the exchange rate is 1.15 EUR/GBP, you would receive €13,800 (12,000 x 1.15).
However, if you had converted GBP to EUR monthly at less favourable rates averaging 1.12 EUR/GBP, you would have received only €13,440 (12,000 x 1.12). By waiting for a better exchange rate within his euro account, you’ve gained an additional €360.
Overall, by utilising a euro bank account, strategically timing currency conversions, and saving on conversion fees, you’ve saved £120 in fees and gained €360 due to a more favourable exchange rate. This demonstrates how using a euro account can lead to cost savings and better financial outcomes compared to exchanging currencies as needed.
Provided that you satisfy the account opening criteria, you can also opt for a euro account with a European bank as a UK resident.
While online transactions and services are agnostic to geographical location, the choice might often boil down to the set of services, how important they are to you, and the fees and charges.
For instance, if transacting in cheques and cash is a requirement for your euro account, euro accounts in the UK may not be adequate. You may need to set up an account with a bank in Europe. Similarly, you may not be eligible for loans and credit facilities on your euro account in the UK.
Can I Earn Interest on a Euro Account in the UK?
The short answer is yes – it's possible to earn interest on a euro balance. However, the number of banks that offer this service in the UK is very limited. Of the euro account providers reviewed on this page, only two of them offer euro savings accounts: Revolut and Santander.
Revolut's offering is by far the simpler and more accessible. Once you download the app and set up a savings account, all you need to do is open a EUR vault. After that, you'll automatically earn interest of up to 2.12% AER on your euro balance.
Santander, meanwhile, offers a range of savings accounts through Santander International and Santander Private with varying requirements and rates. The private banking service is personalised. If you opt for the international banking service, there are 12, 18, and 24-month fixed deposit contracts available for euros that pay interest of 3%, 2.5%, and 2.35% AER, respectively.
Santander also offers 2.27% and 2.52% AER on its 31-day and 95-day euro notice accounts, respectively. However, Santander customers need a minimum balance of €25,000 to earn interest on a fixed deposit contract or €75,000 to earn interest with a notice account.
In short, if you're looking for the best euro savings account in the UK, Revolut may be the optimal or only choice for many.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
| 8.5 | Visitrevolut.com |
How to Choose the Best Euro Bank Account in the UK
With a wide choice of providers, ranging from high street banks to digital banks to e-money institutions, the options for customers are diverse. Some of them also have the option of opening a euro account with a provider in Europe.
Choosing the best euro account in the UK requires not only an understanding of the options available but also your own needs and requirements and the type of transactions you wish to make.
Do you need to make cash transactions in euros, including ATM withdrawals?
Do you need to send and receive money through SEPA?
Do you expect to hold money in your euro account and would like to earn interest on balances?
Do you want your money to be as safe as any bank deposit in the UK?
Do you have offshore banking requirements?
Do you need to send and receive cheque payments?
Will you need to frequently convert between EUR and GBP or other currencies?
Most providers require an existing Pound balance before you can open a euro account with them. If you don’t have an existing relationship, you should first sign up for a local account with a provider that offers euro accounts. After that, you can open a euro account after the cooling-off period, if there's any.
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